2022 Bright Insight

RECRUITING AND RETENTION OF TOP TALENT

retain the best talent with increased compensation. As of April 2022, for example, 94 large law firms had upped their class of 2021 associates’ salaries to a minimum of $215,000. 8 Senior associate salaries at those firms were recently increased, as well, now averaging $410,000. In addition to attractive salaries, large firms can offer candidates career opportunities and a brand cachet that smaller and medium- size firms find difficult to match. While compensation continues to be an important factor to attorneys and staff, other factors such as work-life balance and the freedom to choose where to work are increasingly important to attracting and retaining talent. Law firms have recognized this new reality. Most firms are offering increased flexibility and hybrid work options as a primary approach to attract and retain talent, up seven percentage points from 2020.

If your firm is currently in growth mode, from where are you hiring the legal talent?

79%

Hiring from other law firms

67%

Hiring right out of law schools

Hiring in-house counsel lawyers from corporate positions

30%

79% are hiring from other firms

15%

Other

Firms are offering increased salaries and increased flexibility

as a primary approach to attract and retain talent.

What specific efforts has your firm taken to improve recruiting and retention of attorneys?

70% 70%

Increased salaries Increased flexibility and hybrid work options Focused on inclusion and diversity

65%

58%

Invested in technology

45% 45%

Expanded mentoring efforts

Focused on improving firm culture Created a new workplace/work environment that is more collaborative Attorneys are more engaged in business and client synergies Offered more benefits than in the past Adapted our compensation model to reward collaboration and overall firm involvement Offered unlimited bonuses based upon business development

40%

38%

27%

18%

14%

8%

Offered day care services

5%

Other (please specify)

3%

We do not have recruiting and retention issues

13

The 2022 National Legal Sector Benchmark Survey Results